WhatsOnRent.com, an online rental marketplace with over 10 categories and 100 product offering on rent, has raised angel funding from Commonfloor’s Co-founder Lalit Mangal, Excubator Co-founder Neeraj Gupta, Angel investor Sanjay Gupta and Bangalore based software firm Nixel Technology Pvt Ltd also participated in the round.
The startup will deploy these funds in building robust tech-enabled processes, hiring talent and strengthening category portfolio.
Founded in September 2015 by Sulabh Jain (COO), Shreyans Shrimali (CEO) and Bharat Goyal (CTO) who are alumni of IIT Bombay, IIM Ahmedabad and NIT Trichy, WhatsOnRent offers home appliances, kitchen appliances, laptops, furniture, party items, treadmills and medical equipment on rent. The company recently launched a Try-before-you-Buy program where customers can rent latest gadgets on rent for a short duration, and make the buying decision based on trial experience.
Currently, the startup fulfills 18-20 orders in a day and has over 500 paying customers. Home appliances, furniture and laptops are the leading categories, with a recurring monthly revenue model.
“I was impressed with the founding team’s strength and the idea of a multi-category marketplace with an asset light model” said Commonfloor’s Co-founder Lalit Mangal, who also mentors the team for product and marketing initiatives.
Other players like Rentomo, FlatFurnish, CityFurnish, and RentOnGo are also operating in the same space.